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Thursday, October 2, 2014

STI Technical Analysis

The Straits Times Index has lost 160 points from July 31's peak ( 3,387 ) to Oct 2's trough ( 3,227 ).  The closing today was the support for the previous 4 troughs coincided with Fibo 38.2% and 200MA.   RSI is already oversold.  Chances is we may find some support at this level.  If, however, this support is taken.  We may look forward for 3,170 and 3,120 which are Fibo 50% and 61.8% respectively.